AI advancements are enabling lenders to better predict residual values, a boon for the equipment finance industry as machines become increasingly tech heavy.

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The news beat on AI continues as, “You must have it!” But now we also hear “companies are struggling with AI” too. One recent survey found that 71% of CFOs are "flying blind" and struggling to monetize AI. Initiatives built around a disruptive technology like AI are always challenging because both the technology and its applications are unfamiliar. In the case of AI they can also be abstract. “Work smarter not harder” is a great tagline, but “smarter” is hard to measure without standardized testing.

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After attending the National Equipment Finance Association’s (NEFA) Fall Conference in Minneapolis, I can honestly say this year’s event stood out as one of the best. The conference brought together a great mix of lenders, brokers, service providers and technology partners to discuss where our industry is headed and how we can all continue to improve.

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The equipment finance industry is turning toward developing technology like AI to bolster operations and reduce costs, and investment in relevant technology should see an increase in 2024.

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Equipment Finance is a business that feels like running on a treadmill set at twelve. And the roughly 12,500 finance brokers operating in the space are trying to help lenders keep up.

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